Teck Resources Ltd. (TCK) Rating Reiterated by Scotiabank
Teck Resources Ltd. (NYSE:TCK)‘s stock had its “sector perform” rating reissued by Scotiabank in a report issued on Wednesday. They currently have a $27.00 target price on the stock. Scotiabank’s target price indicates a potential upside of 44.85% from the company’s current price.
TCK has been the subject of a number of other reports. BMO Capital Markets reiterated a “hold” rating and set a $16.00 target price on shares of Teck Resources in a research report on Wednesday, August 31st. Zacks Investment Research upgraded Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research report on Wednesday, October 5th. Deutsche Bank AG reiterated a “sell” rating on shares of Teck Resources in a research report on Thursday, July 7th. FBR & Co lifted their target price on Teck Resources from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a research report on Wednesday, July 20th. Finally, Morgan Stanley upgraded Teck Resources from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $7.00 to $18.00 in a research report on Thursday, September 15th. Six equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.88.
Shares of Teck Resources (NYSE:TCK) traded up 1.64% during mid-day trading on Wednesday, reaching $18.64. 6,785,913 shares of the company traded hands. The firm has a 50 day moving average of $17.41 and a 200-day moving average of $13.21. The stock’s market capitalization is $10.74 billion. Teck Resources has a 52 week low of $2.56 and a 52 week high of $19.08.
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Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The company earned $1.74 billion during the quarter, compared to the consensus estimate of $1.33 billion. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. Teck Resources’s revenue was down 13.0% on a year-over-year basis. During the same period last year, the company earned $0.14 earnings per share. On average, equities research analysts expect that Teck Resources will post $0.63 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. bought a new position in shares of Teck Resources during the second quarter worth about $105,000. Macquarie Group Ltd. bought a new position in shares of Teck Resources during the second quarter worth about $150,000. Fox Run Management L.L.C. bought a new position in shares of Teck Resources during the third quarter worth about $191,000. Commonwealth Equity Services Inc increased its position in shares of Teck Resources by 4.9% in the second quarter. Commonwealth Equity Services Inc now owns 19,237 shares of the company’s stock worth $253,000 after buying an additional 900 shares during the last quarter. Finally, Oak Associates Ltd. OH increased its position in shares of Teck Resources by 1.0% in the first quarter. Oak Associates Ltd. OH now owns 41,704 shares of the company’s stock worth $317,000 after buying an additional 400 shares during the last quarter. 47.23% of the stock is owned by institutional investors.
Teck Resources Company Profile
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
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